Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Stocks Correct into Bitcoin Happy Thanks Halving - Earnings Season Buying Opps - 4th July 24
24 Hours Until Clown Rishi Sunak is Booted Out of Number 10 - UIK General Election 2024 - 4th July 24
Clown Rishi Delivers Tory Election Bloodbath, Labour 400+ Seat Landslide - 1st July 24
Bitcoin Happy Thanks Halving - Crypto's Exist Strategy - 30th June 24
Is a China-Taiwan Conflict Likely? Watch the Region's Stock Market Indexes - 30th June 24
Gold Mining Stocks Record Quarter - 30th June 24
Could Low PCE Inflation Take Gold to the Moon? - 30th June 24
UK General Election 2024 Result Forecast - 26th June 24
AI Stocks Portfolio Accumulate and Distribute - 26th June 24
Gold Stocks Reloading - 26th June 24
Gold Price Completely Unsurprising Reversal and Next Steps - 26th June 24
Inflation – How It Started And Where We Are Now - 26th June 24
Can Stock Market Bad Breadth Be Good? - 26th June 24
How to Capitalise on the Robots - 20th June 24
Bitcoin, Gold, and Copper Paint a Coherent Picture - 20th June 24
Why a Dow Stock Market Peak Will Boost Silver - 20th June 24
QI Group: Leading With Integrity and Impactful Initiatives - 20th June 24
Tesla Robo Taxis are Coming THIS YEAR! - 16th June 24
Will NVDA Crash the Market? - 16th June 24
Inflation Is Dead! Or Is It? - 16th June 24
Investors Are Forever Blowing Bubbles - 16th June 24
Stock Market Investor Sentiment - 8th June 24
S&P 494 Stocks Then & Now - 8th June 24
As Stocks Bears Begin To Hibernate, It's Now Time To Worry About A Bear Market - 8th June 24
Gold, Silver and Crypto | How Charts Look Before US Dollar Meltdown - 8th June 24
Gold & Silver Get Slammed on Positive Economic Reports - 8th June 24
Gold Summer Doldrums - 8th June 24
S&P USD Correction - 7th June 24
Israel's Smoke and Mirrors Fake War on Gaza - 7th June 24
US Banking Crisis 2024 That No One Is Paying Attention To - 7th June 24
The Fed Leads and the Market Follows? It's a Big Fat MYTH - 7th June 24
How Much Gold Is There In the World? - 7th June 24
Is There a Financial Crisis Bubbling Under the Surface? - 7th June 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Silver Forecast - Bullish Pennant Pattern Developing

Commodities / Forecasts & Technical Analysis Oct 26, 2006 - 12:00 AM GMT

By: Nadeem_Walayat

Commodities

Silver recently followed the other commodities lower, such as gold and crude oil. But unlike gold, the price pattern is much more bullish, and resembles the Bullish Pennant, which is an strong and explosive bull pattern.

Silver Forecast - Bullish Pennant pattern Developing


Technical Analysis
1. Price Patterns & Support - The price pattern developing is the Bullish Pennant on break of the trendline at about 12.5, The pattern would target a move of the size of the pattern from the high of the pattern of about 5.50 so would target 18.00
2. MACD - (Bottom indicator) - The MACD has been unwinding its overbought state and is now ready to trigger a resumption of the bull market on a cross that is likely in the next 2 weeks.
3. Moving Averages - The 50 week average as consistently worked well as support and held the recent correction in check, also gives the market room to breath on the upside.
4. Trend lines - The trend lines offer support at 10.5 and resistance at 13.30, With the triggering trendlines from the recent lows and highs at 12.5 and 10.8
5. Time - The pattern is likely to be fulfilled within the next 2 or 3 weeks at most with an anticipated break to the upside.

Conclusion - Silver is targeting a resumption of the uptrend on a break above 12.50 to target 18, as long as the support at 10.5 holds. The pattern observed is likely to be fulfilled within 2 weeks, and 3 at the latest.

Buy Trigger - A break of $12.50
Target - First target $15, 2nd target $18.
Stop-Loss - Would be below the recent low, so $10.50.


Nadeem Walayat

(c) MarketOracle.co.uk 2005-2006

Disclaimer - This Forecast / Trade Scenerio is PROVIDED "AS IS" WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESSED OR IMPLIED, for general information purposes only and not a solicitation or recommendation to enter into any market position, and you are reminded to seek independent professional advice before entering into any investments or trading positions.
The Market Oracle is a FREE Financial Markets Forecasting & Analysis online publication. We aim to cut through the noise cluttering traditional sources of market analysis and get to the key points of where the markets are at and where they are expected to move to next
! http://www.marketoracle.co.uk

This article maybe reproduced if reprinted in its entirety with links to http://www.marketoracle.co.uk

 


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Comments


30 Oct 06, 03:25
Re: Silver Forecast - Bullish Pennant Pattern Developing

So how do I buy silver or gold ?



01 Nov 06, 13:56
Re: Silver Forecast - Bullish Pennant Pattern Developing

Have you heard of spread betting ? ;)



27 Nov 06, 00:37
Re: Silver Forecast - Bullish Pennant Pattern Developing

I just bought my first silver, it was from a dealer at a coin show. I researched and found out that there are coin shows once a month from a local coin club and you can buy bullion or coins, etc. No shipping costs and you pay in cash. I have never been so excited to own real wealth. Awesome feeling. Hope that helps, nobody advertises this on websites because there is really no incentive, but I think it would only help the price of Gold/Silver by providing a logical way to buy silver/gold, it's the same as going to the bank for fiat cash. That is how the mainstream thinks.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in